Rupee near day's high, trades at 69.11/USD

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.20, says Motilal Oswal.

The Indian rupee is trading near to the day's high around 69.11 per US dollar on Friday.

During the day rupee touched 69.03 per US dollar.

On Thursday, it closed 20 paise higher at 69.35 against US dollar.

At the close, the Sensex was up 269.43 points at 38024.32, while Nifty was up 83.60 points at 11,426.90.

Rupee strengthens in yesterday’s session and rose to the highest level in seven months despite the RBI announcement to inject USD 5 billion into the system, said Motilal Oswal in its report.

RBI announced inject long-term liquidity worth USD 5 billion into the system through dollar-rupee swap arrangement with banks for three years. The main reason for the huge appreciation in Rupee is the strong fund inflows that are giving huge support to the prices.

Most market participants are positioning themselves for more inflows ahead of the general elections scheduled this year. Volatility for the rupee is expected to remain higher as the dollar too is starting to strengthen against its major crosses.

Today, USD-INR pair is expected to quote in the range of 69.80 and 70.20, it added.